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Essex County Council Pension Fund picks 2 managers for infrastructure

Essex County Council Pension Fund, Chelmsford, England, hired IFM Investors and J.P. Morgan Asset Management (JPM) to run about £150 million ($186 million) in unlisted infrastructure assets, a spokesman confirmed.

The £4.9 billion pension fund launched a search in November for up to two infrastructure managers to invest 2% of total assets in strategies, said European procurement website Tenders Electronic Daily.

The investment steering committee for the pension fund said in meeting documents dated Feb. 20 that J.P. Morgan Asset Management and IFM Investors would each manage allocations of about 1.3%, or £75 million. The previous manager was Infracapital. Separate documents dated Nov. 23 said Infracapital’s fund would be wound up this year.